Wednesday, December 18, 2013

Google's Chief Economist: Not Particularly Optimistic About Bitcoin's Future

"I think something like this technology will take hold in the future but I am not particularly optimistic about bitcoin because it suffers from being the first in the area. “We have a saying in the US that you can always tell pioneers that they are the ones with errors in their bags," Google Chief Economist Hal Varian told the UK's Business Standard.



  1. Apart from the Appeal to Authority fallacy that Wenzel is committing by quoting an Economist with a job at a big company to assert that software cannot work, this particular economist appears to be a Keynesian:

    Hal Ronald Varian (born March 18, 1947, in Wooster, Ohio) is an economist specializing in microeconomics and information economics. He is the Chief Economist at Google and he holds the title of emeritus professor at the University of California, Berkeley where he was founding dean of the School of Information.[1] He has written two bestselling textbooks Intermediate Microeconomics, an undergraduate microeconomics text, and Microeconomic Analysis, an advanced text. Together with Carl Shapiro, he co-authored Information Rules: A Strategic Guide to the Network Economy and The Economics of Information Technology: An Introduction.

    He joined Google in 2002 as a consultant, and has worked on the design of advertising auctions, econometrics, finance, corporate strategy and public policy.

    He received his B.S. from MIT in economics in 1969 and both his M.A. (mathematics) and Ph.D. (economics) from the University of California, Berkeley in 1973. He has taught at MIT, Stanford University, the University of Oxford, the University of Michigan, the University of Siena and other universities around the world. He has two honorary doctorates, from the University of Oulu, Finland in 2002, and a Dr. h. c. from the Karlsruhe Institute of Technology (KIT), Germany, awarded in 2006.

    So once again, Wenzel scrapes the bottom of the barrel to try and pooh pooh Bitcoin. You are not qualified to mount a successful criticism of Bitcoin Wenzel; all you can do is throw around fallacies and post charts. You offer no analysis, no insight and nothing that is of any value. But it is entertaining; rather like watching a clip of the Keystone Cops scrambling around make us laugh.

  2. Cut Bitcoin down and there will be two more Encrypto currencies to replace it. Crush those ones and they divide into even more. The only thing the goons in government are doing is promoting Bitcoin by attacking it at this point. The internet revolutionized human communication, competing digital encrypted currencies will change how humans exchange. The path of human enlightenment gained by the dismantling and collapse of institutions based on violence everywhere in our world.

  3. Bitcoin has exactly the same intrinsic value as federal reserve notes: zero. if any one factor is ever its undoing, this will be it.